Posted on: 05th Dec, 2009 02:41 pm
does any lender out there actually close on a loan with a first and second mortgage combined to make one monthly payment? homeowner is in dire straits and need to have this done asap. names please...
it is possible to get a refinance combining first and second mortgage. you will have to contact either your current lender or other lenders in order to refinance. however, there should equity in your property if you plan to refinance the loan. if the property is upside down, then lenders will not be ready for it.
"dire straits" isn't a favorable description of someone who wishes to refinance. if your finances are jacked up, you'll have difficulty finding any lender who can alleviate your pain.
perhaps when you visit a lender, you'll want to soften the description to sound a bit less desperate.
perhaps when you visit a lender, you'll want to soften the description to sound a bit less desperate.
The thing to remember is that a refinance is really just like going for a new loan. The lender will need to evaluate your eligibility for lending and decide on how much they are willing to let you borrow, just like if you were going for a new mortgage. Credit score, income, equity, job stability will all be a factor.
As gmakerley mentions, you'll probably want ot pu as good of a face on the situation as you can if you want to have a decent chance o a refinance. If the soituation is really dire, a Loan Modification may be a better option than a refi.
To answer your question though, Yes you can refinance mutliple mortgages into a single loan, provided you can service that new loan, and it makes a great deal of sense to do this if you can. Lower interest rates for a start.
If you want to get an indication of whether you're eligible for a refinance, and if so what sort of interest rates etc. you can expect you can get instant, no obligation quotes form multiple lenders online. You can then either apply in person or online once you've found a lender you're happy with and who will work with you. Going through the online quoting process is also a good way to do a "test run" before you go for a live consultation with a lender to help you prepare.
As gmakerley mentions, you'll probably want ot pu as good of a face on the situation as you can if you want to have a decent chance o a refinance. If the soituation is really dire, a Loan Modification may be a better option than a refi.
To answer your question though, Yes you can refinance mutliple mortgages into a single loan, provided you can service that new loan, and it makes a great deal of sense to do this if you can. Lower interest rates for a start.
If you want to get an indication of whether you're eligible for a refinance, and if so what sort of interest rates etc. you can expect you can get instant, no obligation quotes form multiple lenders online. You can then either apply in person or online once you've found a lender you're happy with and who will work with you. Going through the online quoting process is also a good way to do a "test run" before you go for a live consultation with a lender to help you prepare.
i am quite skeptical about this "test run" thought. getting quotes is meaningless in the overall scheme of things - especially in a refinance scenario.
shopping around is less productive than most people believe it to be, in my opinion. unfortunately, many who tout lower rates are inefficient at best, and not exactly above board at worst.
shopping around is less productive than most people believe it to be, in my opinion. unfortunately, many who tout lower rates are inefficient at best, and not exactly above board at worst.